Three of Putnam Investments' portfolio management veterans are leaving the firm, Putnam announced late today.
Rosemary Thomsen, a senior portfolio manager who had been with Putnam's high-yield bond operation since 1986, left the company, said Sinead Martin, spokeswoman. In a news release, Putnam said Ms. Thomsen would take the summer off "and then make future plans." Robert L. Salvin, a member of Putnam's core high-yield fixed income team, will join the portfolio management teams on the Putnam High Yield Trust, Putnam High Yield Advantage and Putnam Managed High Yield Fund as well, said Ms. Martin.
Stephen Oler, a portfolio manager on the Putnam International Equity Fund, and George Stairs, a portfolio manager of the Putnam International Equity Fund and the Putnam International Growth & Income Fund, will leave the firm in June. Their responsibilities will be assumed by other team members, according to the release. Mr. Stairs has been with Putnam since 1994; Mr. Oler has been with the company since 1997.
Kevin Cronin, Putnam's head of investments, said in a telephone interview late today the departures follow the reorganization of Putnam's international equity group a few months ago into more regionally based teams. Mark Pollack now runs Putnam's European operations from London, Simon Davis in Boston looks after Asia and Joshua Byrne in Boston is "responsible for pulling from both of those teams," Mr. Cronin said.
The two outgoing portfolio managers "didn't really fit into either Asia or Europe, given their backgrounds," said Mr. Cronin.
Asked if further changes were looming, Mr. Cronin said he has no plans at present to make further changes, and "I would hope that everything is relatively close to being complete."
Mr. Cronin said Putnam's international products should be in a position to deliver "reasonable returns to investors" going forward.
Separately, Putnam today announced it had $194 billion in assets under management as of April 30, with $130 billion in mutual funds and $64 billion in institutional money. That represented a $5 billion decline from the end of March, with all of the decline coming from Putnam's mutual funds.